Tesla board overcomes critics as investors back Musk, directors

Tesla board overcomes critics as investors back Musk, directors

Tesla Inc (TSLA.O) shares rose 3.5 percent on Wednesday morning after Chief Executive Elon Musk said the vehicle maker was now churning out 500 of its Model 3 sedans a day and should achieve its 5,000 per week target by the end of June.

Manufacturing bottlenecks have delayed the delivery of vehicles to customers and deferred much-needed revenue as the company continues to spend heavily on Model 3 production fixes, as well as projects in the pipeline.

Elon Musk expressed confidence about Tesla achieving the next production goal for its crucial Model 3, predicting that manufacturing will become a strength for the electric vehicle maker over time. The stock was trading at $301.50 on Wednesday.

One of the more dramatic moments of the meeting came when Musk narrowly survived an attempt to oust him from the position of chairman by one of the board's directors. "At a lot of other companies, they're built by marketing or the finance department and there's no soul".

Tesla has released a new teaser picture of the upcoming Model Y affordable SUV. "But instead of recognizing the need for independent and effective board leadership, Tesla has renominated three directors who exemplify the company's failure to evolve".

"To ensure that Tesla is well prepared for the future, we have been undertaking a thorough reorganization of our company", the memo obtained by AFP said.

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Coming into the meeting there was the possibility - albeit small - that shareholders might not re-elect three board members, including Kimbal Musk, Elon's brother, nor allow Elon Musk to retain his dual CEO and board chairman titles.

Sales have been impressive in China, but Musk would like to see the tariffs eased for rolling out the Model 3 to consumers looking for an affordable electric auto.

Last month, Musk set a timeline for the Model Y launch at "anytime from late this year to mid next year".

"Over the past year, Tesla has failed to hit critical production milestones and has consequently seen its past progress toward profitability sharply reverse", CtW said in a letter to shareholders. The only other thing we know is it will have Falcon Wing doors like the Model X and that Musk jokingly mentioned it having no steering wheel during the meeting while also explaining no leather will be used.

The report says that 8 percent of depositors had configured a Tesla for production in April, which deems the purchase nonrefundable. Global sales director Robin Ren indicated that the first of them will likely be in China, probably near Shanghai.

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